Banks Lead Stock Slump Thursday

US stocks pull back from record highs
By Newser Editors and Wire Services
Posted Mar 2, 2017 3:15 PM CST
Traders follow the IPO for Snap Inc. at the New York Stock Exchange, Thursday, March 2, 2017.   (AP Photo/Richard Drew)

(Newser) – Banks and other financial companies led stocks lower on Wall Street a day after indexes soared to their latest record highs, the AP reports. Citizens Financial slumped 3.9% Thursday. Banks had soared a day earlier as investors hoped that higher interest rates would help them earn more from lending. Energy companies fell along with the price of crude oil. Devon Energy lost 2.6%. Shake Shack fell 2.6% after its sales missed estimates.

The Dow Jones industrial average fell 112 points, or 0.5%, to 21,002. The Standard & Poor's 500 index lost 14 points, or 0.6%, to 2,381. The Nasdaq composite fell 42 points, or 0.7%, to 5,861. (Read more stock market stories.)

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